The major averages are slightly green at the time of this writing, as the action remains constructive overall despite a lack of high energy to the upside. To gain a better perspective of the broad tape, consider the SPY 30-minute chart below, zoomed-out over the past two week of trading. As chart pattern can and often do, price has morphed into a larger descending triangle on this timeframe. Within the confines of this pattern has been many a grinding trading session, at least if you were just watching the major indices.

Once again, the key remains objectively gauging the underlying health of the market even as the indices go sideways. However, it does merit monitoring this pattern, as the bulls sooner or later are going to want to see the S&P resolve higher out of this broad consolidation.

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